The Accounts and Audit Regulations 1996

Other accounting statements

7.—(1) A body to which paragraph (2) applies shall prepare in accordance with proper practices an income and expenditure account and a balance sheet of the body for each period.

(2) This paragraph applies to the following bodies—

(a) any charter trustees constituted under section 246 of the Local Government Act 1972 or under an order or regulations made under sections 17 or 19 of the Local Government Act 1992;

(b) a port health authority;

(c) a licensing planning committee; and

(d) an internal drainage board.

(3) Where in relation to a council for a parish or a community, or a parish meeting of a parish not having a separate council, the budgeted income for the relevant financial period is, and for each of the two immediately preceding financial periods was, £5,000 or more and less than £500,000, the council or the chairman of the meeting, as the case may be, shall prepare in accordance with proper practices an income and expenditure account and a balance sheet of the council or meeting in relation to that period.

(4) Where in relation to a council for a parish or a community, or a parish or meeting of a parish not having a separate council the budgeted income for the relevant financial period is, and for each of the two immediately preceding financial periods was, less than £5,000, the council, or the chairman of the meeting, as the case may be, shall prepare in accordance with proper practices a record of receipts and payments of the council or meeting in relation to that period.